The Fundación Citi today launched a call for proposals for the latest edition of its Global Innovation Challenge. It is a funding model that seeks to expand the impact of nonprofit organizations around the world dedicated to addressing some of the most pressing issues facing society. As part of the Global Innovation Challenge 2024, a total of $25 million in funding will be provided to 50 community-based organizations working on innovative projects aimed at addressing homelessness.

Homelessness and insecurity are a global concern. According to United Nations estimates, approximately 150 million people in the world are homeless. We recognize that safe, affordable and stable housing is a key factor in the economic and social well-being of individuals, families and communities.

"Today, the number of people experiencing insecurity or homelessness is on the rise in many communities around the world, and this trend manifests itself in a variety of ways, all of which require specific solutions", said Brandee McHale, president of the Fundación Citi  and head of Citi Investment and Community Development.

 "With this year's Global Innovation Challenge, we are making philanthropic capital available that will help unlock and implement innovative approaches to homelessness to create lasting change in the lives of people around the world”.

This Global Innovation Challenge adds to Citi and the Fundación Citi long history of work in support of housing security, as evidenced by other actions taken:

• For 13 consecutive years, Citi has been recognized as the leading affordable housing lender, enabling affordable housing developers to acquire, build, restore and refinance multifamily affordable housing throughout the United States.
• Between 2020 and 2022, Citi financed and facilitated a total of $30.2 billion for affordable housing worldwide, including affordable housing projects with green building certifications, contributing to its $1 trillion Sustainable Finance Goal.
• Through the Citi Impact Fund, equity investments have been made in innovative startups bringing housing solutions to market, such as Pallet, PadSplit, Jetty and ICON.
• In 2021, Citi announced a $1 billion social finance bond that is supporting socially focused developments, including affordable housing, in emerging markets globally.
• Through its Community Progress Makers initiative in the United States, the Fundación Citi has supported nonprofit organizations working to promote access to affordable housing, safe spaces for at-risk youth, and similar initiatives.

Translated by: A.M